This brings the aggregate value of funds closed this year with Barclays and Citi for SunEdison and TerraForm Power’s distributed generation projects to $290 million.
The fund will provide financing for a portfolio of distributed generation projects in 12 states across the West Coast, mid-Atlantic, New England, Hawaii and Puerto Rico. These projects are expected to be operational in the fourth quarter of 2014 through the first half of 2015. Upon mechanical completion, the projects will be sold to TerraForm Power.
“Barclays and Citi have been great partners, working with SunEdison to bring distributed solar to new markets and customers,” said Ryan Bennett, vice president of project finance, North America at SunEdison.
The creation of this second fund, so soon after the first, speaks to the success of our relationship with Barclays and Citi. This latest round continues to support our business model of developing high quality commercial and industrial projects with efficient capital provided by great partners. This is a highly scalable model that allows us to make life easy for our customers. As a result, business is booming.
“The new fund with Barclays and Citi allows TerraForm Power to acquire a portfolio of highly attractive operational projects that are in geographically diverse locations,” said Carlos Domenech, president and chief executive officer of TerraForm Power.
With this partnership, TerraForm Power continues to grow rapidly, building strong momentum in the marketplace and delivering value to its shareholders.
“Citi is proud to continue its support for SunEdison and to help expand the financing of distributed generation solar power projects throughout the United States,” said Marshal Salant, Head of Alternative Energy Finance at Citi.
Citi is committed to bringing the benefits of clean renewable energy to more businesses and consumers. This second SunEdison fund further develops the market for corporate, industrial and municipal medium-scale projects, and complements Citi’s efforts to help clients finance large utility-scale and small-scale residential rooftop solar power projects.
“Barclays is pleased to continue its support of SunEdison through this new fund, demonstrating our desire to continue to grow our role in the distributed generation solar tax equity market. Transactions like this are a real win-win for SunEdison and Barclays, as our expanded investment in SunEdison’s solar development business also helps us deliver on our own citizenship commitments,” said Rama Subramaniam, managing director, Barclays.